Colorado voters pass pot tax

A year after Colorado approved recreational use of marijuana, voters yesterday passed a statewide tax on cannabis by a 65% to 35% margin. The legislation creates a 10% sales tax on pot purchases. The new tax is on top of Colorado’s existing 2.9% sales tax. The new tax will bring in an estimated $70 million a year. The first $40 million will be put toward school construction, with additional revenue going to marijuana regulation.